MARVIN: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
MARVIN
Largest movements
- Cash -€33,533
down €33,533 (-28.2%), from €118,750 to €85,217
mainly Net result for the year (-€67,819) and Tax, wage and social debts (-€6,219)
- Stocks and contracts -€17,885
down €17,885 (-21.7%), from €82,557 to €64,672
- Tangible fixed assets -€7,409
down €7,409 (-35.7%), from €20,744 to €13,335
of which Furniture and vehicles: -€4,512
- Receivables within one year -€5,819
down €5,819 (-99.7%), from €5,839 to €20
of which Other amounts receivable: -€4,038
- Profit (loss) carried forward -€67,819
down €67,819 (-59.3%), from €114,319 to €46,500
- Trade debts +€11,148
up €11,148 (+46.4%), from €24,014 to €35,161
- Tax, wage and social debts -€6,219
down €6,219 (-13.4%), from €46,302 to €40,084
of which Taxes: -€5,829
- Gross operating margin -€55,315
down €55,315 (-77.3%), from €71,560 to €16,245
- Staff costs +€12,312
up €12,312 (+19.5%), from €63,029 to €75,341
- Depreciation -€8,400
down €8,400 (-57.1%), from €14,702 to €6,302
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €233,836 | €170,946 | -€62,890 | -26.9% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €24,523 | €16,903 | -€7,620 | -31.1% |
| Intangible fixed assets | 21 | €680 | €469 | -€211 | -31.0% |
| Tangible fixed assets | 22/27 | €20,744 | €13,335 | -€7,409 | -35.7% |
| Plant, machinery and equipment | 23 | €12,189 | €9,292 | -€2,897 | -23.8% |
| Furniture and vehicles | 24 | €8,555 | €4,042 | -€4,512 | -52.7% |
| Financial fixed assets | 28 | €3,099 | €3,099 | = | 0.0% |
| Current assets | 29/58 | €209,313 | €154,044 | -€55,270 | -26.4% |
| Stocks and contracts in progress | 3 | €82,557 | €64,672 | -€17,885 | -21.7% |
| Stocks | 30/36 | €82,557 | €64,672 | -€17,885 | -21.7% |
| Amounts receivable within one year | 40/41 | €5,839 | €20 | -€5,819 | -99.7% |
| Trade receivables | 40 | €1,781 | - | -€1,781 | |
| Other amounts receivable | 41 | €4,058 | €20 | -€4,038 | -99.5% |
| Cash at bank and in hand | 54/58 | €118,750 | €85,217 | -€33,533 | -28.2% |
| Deferred charges and accrued income | 490/1 | €2,168 | €4,135 | +€1,967 | +90.8% |
| Total equity and liabilities | 10/49 | €233,836 | €170,946 | -€62,890 | -26.9% |
| Equity | 10/15 | €163,520 | €95,701 | -€67,819 | -41.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €30,609 | €30,609 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €28,750 | €28,750 | = | 0.0% |
| Profit (loss) carried forward | 14 | €114,319 | €46,500 | -€67,819 | -59.3% |
| Amounts payable | 17/49 | €70,316 | €75,245 | +€4,929 | +7.0% |
| Amounts payable within one year | 42/48 | €70,316 | €75,245 | +€4,929 | +7.0% |
| Trade debts | 44 | €24,014 | €35,161 | +€11,148 | +46.4% |
| Suppliers | 440/4 | €24,014 | €35,161 | +€11,148 | +46.4% |
| Taxes, remuneration and social security | 45 | €46,302 | €40,084 | -€6,219 | -13.4% |
| Taxes | 450/3 | €26,552 | €20,722 | -€5,829 | -22.0% |
| Remuneration and social security | 454/9 | €19,751 | €19,362 | -€389 | -2.0% |
| Non-recurring operating income | 76A | - | €42,106 | +€42,106 | |
| Remuneration, social security and pensions | 62 | €63,029 | €75,341 | +€12,312 | +19.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,702 | €6,302 | -€8,400 | -57.1% |
| Other operating charges | 640/8 | €2,320 | €1,991 | -€329 | -14.2% |
| Gross operating margin | 9900 | €71,560 | €16,245 | -€55,315 | -77.3% |
| Operating profit (loss) | 9901 | -€8,490 | -€67,388 | -€58,897 | -693.7% |
| Financial income | 75/76B | €1,466 | €1,061 | -€406 | -27.7% |
| Recurring financial income | 75 | €1,466 | €1,061 | -€406 | -27.7% |
| Financial charges | 65/66B | €1,122 | €1,337 | +€215 | +19.1% |
| Recurring financial charges | 65 | €1,122 | €1,337 | +€215 | +19.1% |
| Profit (loss) for the period before taxes | 9903 | -€8,146 | -€67,664 | -€59,518 | -730.6% |
| Income taxes | 67/77 | €169 | €155 | -€14 | -8.3% |
| Profit (loss) for the period | 9904 | -€8,315 | -€67,819 | -€59,504 | -715.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,315 | -€67,819 | -€59,504 | -715.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.